Corcoran 2021 Quarter One Report

With 114 offices across the US and an office in Virgin Gorda in the British Virgin Islands, you are rest assured you will have a real estate partner who is an expert in your neighborhood with Corcoran. Tim Davis is a real estate expert in one of the most sought-after destinations in the world, the Hamptons. As the Hamptons luxury market leader, Tim has an accomplished 40-year real estate career selling and listing some of the most luxurious properties on the East End. Tim has negotiated over $4 billion in sales and consistently ranks as one of the top volume brokers in the United States and the top broker in the Hamptons.

With the onset of COVID, many people left large cities such as New York to find a safe sanctuary in places where they had more space and could enjoy the outdoors safely, such as the Hamptons. At Northrop & Johnson, we saw something similar with more people retreating to luxury yachts. Throughout the pandemic, we saw an increase in sales and Tim Davis has seen the same in the Hamptons. In fact, the South Fork Hamptons market was hot for the first quarter of 2021. Tim’s team saw a reported closed sales increase of 89% year-over-year, and sales volume increased by triple digits. The South Fork market also saw the average home price jump 50% to $1,650,000. On the yachting side, we also saw a jump in the average price of yachts sold. There was an 89% increase year-over-year for Quarter One with an average yacht price of $3,561,074. Interestingly, homes priced over $2,000,000 nearly tripled while the sales for homes under $500,000 decreased by 30%. These jumps in prices were due to the increase in demand and the low inventory both in the real estate and yachting market.

“We are pleased with how 2021 is shaping up thus far,” says Northrop & Johnson President and COO Daniel Zirakus. “Our numbers are strong for 2021 and as things return to normal and international destinations open up, we expect people to want to get out on the water and experience the joys of yachting.”

For more information on the Hamptons market, click here to read Corcoran’s Quarter One 2021 report.